        CALCULATING THE MATURITY DATE 1 2 CALCULATING INTEREST

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Presentation transcript:

        CALCULATING THE MATURITY DATE 1 2 CALCULATING INTEREST Time Number of Days March 2 through 31 29 (31–2=29)     1. Compute the number of days in the first month. April 30 May 31 June 30 July 31 August 1 through 29 29 (Maturity date: Aug. 29) 180 days 1 2 2. Add the number of days in subsequent months until the total equals the number of days of the note. CALCULATING INTEREST     Lesson 9-1, page 253

PAYING A NOTE PAYABLE 2 3 1 1. Principal of note. 2. Interest of note. 3. Maturity value of note. 3 1. Principal of note. 1 Lesson 9-1, page 254

TERMS REVIEW promissory note notes payable date of a note principal of a note maturity date of a note interest interest rate of a note interest expense maturity value Lesson 9-1, page 255